Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	35.4%	35.1%	20.0%	38.6%	40.1%	40.3%	37.9%
EBITDA Margin	9.8%	12.1%	2.8%	20.4%	20.1%	15.5%	11.7%
EBITDAR	188	284	78	642	732	626	482
EBITDAR Margin	9.8%	12.1%	2.8%	20.4%	20.1%	15.5%	11.7%
EBIT Margin	9.2%	8.4%	-0.8%	17.1%	19.1%	14.6%	9.8%
Net Profit Margin	8.2%	2.1%	2.8%	17.3%	19.3%	14.8%	10.7%
Operating Expense % of Sales	25.6%	23.0%	17.2%	18.2%	20.0%	24.8%	26.2%
Returns
Return on Assets (ROA)	12.5%	3.4%	5.0%	31.8%	37.2%	28.2%	18.9%
Return on Equity (ROE)	26.2%	8.3%	14.0%	50.0%	48.3%	35.8%	25.0%
ROIC [EBIT / Invested Capital]	15.3%	15.7%	-1.5%	37.9%	42.0%	32.0%	19.8%
Leverage & liquidity
Debt-to-Assets	51.3%	56.7%	63.1%	35.9%	22.4%	20.6%	23.4%
Debt-to-Equity	1.07x	1.39x	1.77x	0.56x	0.29x	0.26x	0.31x
Debt-to-EBITDA	3.42x	2.84x	12.66x	0.96x	0.58x	0.69x	1.13x
Equity-to-Assets	47.9%	40.9%	35.6%	63.6%	77.0%	78.8%	75.8%
Net Debt	560	671	847	329	196	181	266
Cash & Equivalents	84	136	139	285	229	254	281
Total Debt	644	807	986	614	425	435	547
Efficiency & working capital
Inventory Turnover	N/A	2.46x	2.51x	N/A	N/A	N/A	N/A
Days Inventory Outstanding (DIO)	N/A	148.1	145.2	N/A	N/A	N/A	N/A
Receivables Turnover	15.47x	19.04x	22.53x	15.85x	9.78x	11.30x	12.11x
Days Sales Outstanding (DSO)	23.6	19.2	16.2	23.0	37.3	32.3	30.1
Payables Turnover	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Days Payable Outstanding (DPO)	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash Conversion Cycle	23.6 days	167.3 days	161.4 days	23.0 days	37.3 days	32.3 days	30.1 days
Asset Turnover	1.54x	1.65x	1.76x	1.84x	1.92x	1.91x	1.77x
Cash flow & dividends
Operating Cash Flow	-321	85	-9	660	486	433	579
Free Cash Flow (OCF − Capex proxy)	-503	-105	-43	561	130	103	-85
Cash Conversion (OCF / EBITDA)	-170.8%	30.1%	-11.9%	102.7%	66.4%	69.2%	120.2%
Dividends Declared	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividend Payout Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in ₾ '000. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

Ownership & group structure

Shareholders, directors and group links from the companyinfo.ge public register — as filed, so stakes need not sum to 100% where a holding is undisclosed.

companyinfo.ge · fetched 2026-07-15